Built Data I/O has closed on $600k of angel investment to create new project management software for the architecture, engineering & construction industries.
The first $300k equity came back in 2016 according to sole founder and CEO Brett Grendahl who has been working on an initial patent ever since. The second funding tranche – another $300k – culminated at the end of 2018 based on the next phase of product development and was a mix of debt and equity.
Grendahl started Built Data I/O based on his first hand experience operating in the HVAC industry through a family business.
“Every commercial construction project is a new assortment of variables – companies, people, designs, norms, communication protocols, etc. There’s a lot of moving parts and inefficiency,” Grendahl explains. “The natural confluence of all these things makes for expensive challenges; as much as 30% of peoples time is wasted, that’s a commonly accepted stat in the industry that results in a lot of revenue loss.”
Built Data I/O’s tool is designed to let field workers quickly capture their site knowledge and compile it all as an output feed for each site or general contractors or project managers to review on demand.
“We are very focused on the raw documentation – history, actions, and questions – in order to help field workers get answers, make key decisions, and keep on going.”
Beyond his own use case, the four person startup is right on the cusp of some initial sales from early adopters.
“My number one concern this quarter is converting some of initial users into paying customers,” Grendahl says.
Given their fundraise and stage, Built Data I/O qualifies as a “Pre-Revenue To Watch” tech startup.